Question

Saved Selected comparative financial statements of Korbin Company follow! KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 2015 Sales $ 480,784 $ 368, 320 $ 255,600 Cost of goods sold 289,432 230,937 163,584 Gross profit 191,352 137, 383 92,016 Selling expenses 68,271 52,828 33,739 Administrative expenses 43,271 32,412 21, 215 Total expenses 111,542 83,240 54,954 Income before taxes 79,810 54, 143 37,062 Income taxes 14,845 11,099 7,524 Net income $ 64,965 $ 43,044 $ 29,538 KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015

Answer 1

Korbin Company
Comparative Income statements
For years Ended December 31, 2017, 2016, and 2015	(Amount in $)
	2017	%	2016	%	2015	%
Sales	4,80,784	100%	3,68,320	100%	2,55,600	100%
Cost of goods sold	2,89,432	60%	2,30,937	63%	1,63,584	64%
Gross profit	1,91,352	40%	1,37,383	37%	92,016	36%
Selling expenses	68,271	14%	50,828	14%	33,739	13%
Administrative expenses	43,271	9%	32,412	9%	21,215	8%
Total expenses	1,11,542	23%	83,240	23%	54,954	22%
Income before taxes	79,810	17%	54,143	15%	37,062	15%
Income taxes	14,845	3%	11,099	3%	7,524	3%
Net income	64,965	14%	43,044	12%	29,538	12%
Formula for common size percentage
For calculation for common-size percentages is:(Amount/ Base amount) and multiply by 100 to ger a percentage.
For Income statement the base is Sales
So, formula as follows:
(Amount/Sales)
For example
Cost of goods sold /sales*100